Tencent-Backed Startup Courts Mideast Funds Ahead of Gulf Foray [BNN Bloomberg (Canada)]
TENCENT HLDGS UNSP/ADR (TCEHY)
NASDAQ:AMEX Investor Relations:
tencent.com/en-us/investor.html
Company Research
Source: BNN Bloomberg
The company has in recent weeks held discussions with Abu Dhabi Investment Authority, Mubadala Investment Co. and Saudi Arabia's Public Investment Fund, Chief Executive Officer Jack Zhang said in an interview with Bloomberg News. “Additional investment helps to continue to fuel Airwallex's growth, particularly for our regional expansion plans as well as AI-driven product innovation,” Zhang said. The company is cashflow positive and has half a billion dollars in the bank, he said. Founded in 2015 in Melbourne, Australia, the firm provides services including cross-border end-to-end payments and collection solutions for customers. It's raised $902 million from backers including Tencent Holdings Ltd., and is valued at $5.6 billion, according to its website. Airwallex, which has 19 offices around the world, plans to start operations in the United Arab Emirates and Saudi Arabia in the first phase of its Middle Eastern expansion, and eventually expand into Qatar and Bahrain. It comp
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